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Accounting Policies of Sea Gold Infrastructure Ltd. Company

Mar 31, 2014

1. Background

The Sea Gold Infrastructure Limited (previously name "Sea Gold Aqua Farms Limited" ) (hereafter referred as "Company") was incorporated on 05-10-1993 at the Registrar of Companies, Andhra Pradesh with the objects to promote, establish, improve, develop, administer, own and run aqua cultural ponds for culturing all types of shell fish, fin fish, sea water foods and other crustacean. The Company has changed its Main Objects to Infrastructure Activities. The Company went for Capital Reduction Scheme which was approved by Honorable Andhra Pradesh High Court as on 27th August 2011.

2. Basis of Preparation of Financial Statements:

The Company follows the Mercantile System of accounting and recognizes income and expenditure on accrual basis. The Accounts are prepared on historical cost basis and as a going concern. Accounting policies not referred to otherwise are consistent with Generally Accepted Accounting Principles.

3. Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting period. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates.

4. Revenue Recognition:

Income from Interest:

Interest on Advances are recognized on the basis of time proportion. During the year the interest receivable is Rs 8,60,056/- ( One Lakh Eighty Thousand One Hundred Sixty Five only).

6. Earnings per Share

Basic Earnings per Share is calculated by dividing the Net Profit for the period attributable to equity shareholders divided by weighted average number of equity shares outstanding during the period.

The Total Earning available to Equity Share holders are considered after deducting all ex- penses including Prior period expenditure as per AS 5 and also tax expense ( Current Tax Deferred Tax)

9. Provisions, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

10. Sundry creditors include Rs. Nil due to suppliers covered under the "Small, Micro and Medium Enterprises Development Act, 2006". The Company has not received any claim for interest from any supplier under the said Act. This is based on the information available with the Company.


Mar 31, 2013

1. Background

The Sea Gold Infrastructure Limited (previously name "Sea Gold Aqua Farms Limited") (hereafter referred as "Company") was incorporated on 05-10-1993 at the Registrar of Companies, Andhra Pradesh with the objects to promote, establish, improve, develop, administer, own and run aqua cultural ponds for culturing all types of shell fish, fin fish, sea water foods and other crustacean. The Company has changed its Main Objects to Infrastructure Activities. The Company went for Capital Reduction Scheme which was approved by Honorable Andhra Pradesh High Court as on 27* August 2011.

2. Basis of Preparation of Financial Statements:

The Company follows the Mercantile System of accounting and recognizes income and expenditure on accrual basis. The Accounts are prepared on historical cost basis and as a going concern. Accounting policies not referred to otherwise are consistent with Generally Accepted Accounting Principles.

3. Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting period. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates.

4. Revenue Recognition:

Income from Interest:

Interest on Advances are recognized on the basis of time proportion. During the year the interest receivable is Rs 1,80,165/- ( One Lakh Eighty Thousand One Hundred Sixty Five only).

5. Managerial remuneration (included under salaries costs)

6. Earnings per Share

Basic Earnings per Share is calculated by dividing the Net Profit for the period attributable to equity shareholders divided by weighted average number of equity shares outstanding during the period.

The Total Earning available to Equity Share holders are considered after deducting all expenses including Prior period expenditure as per AS 5 and also tax expense ( Current Tax Deferred Tax)


Mar 31, 2012

A. Basis of Preparation of Financial Statements:

The Company follows the Mercantile System of accounting and recognizes income and expenditure on accrual basis. The Accounts are prepared on historical cost basis and as a going concern. Accounting policies not referred to otherwise are consistent with Generally Accepted Accounting Principles.

B. Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting period. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates.

C. Inventories:

Raw Materials, work-in-process, stores & spares and consumables are valued at Cost.

D. Fixed Assets:

Fixed assets are stated at cost less depreciation. Cost comprises of purchase price and attributable other expenses.

E. Depreciation:

Depreciation on Fixed Assets is provided under Written Down Value Method at the rates specified in Schedule XIV of the Companies Act, 1956.

F. Foreign Exchange Transactions:

Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction or that approximates the actual rate at the date of the transaction. Monetary items denominated in foreign currencies at the year end are restated at year end rates. Non monetary foreign currency items are carried at cost.

Any income or expense on account of exchange difference either on settlement or on translation is recognized in the Statement of Profit and Loss.

G. Revenue Recognition:

All Incomes and expenditure are accounted on accrual basis except stated otherwise. Gross Sales includes excise duty and excludes VAT and CST.

H. Taxes on Income:

Tax expenses for the year comprises of Current Tax and Deferred Tax. Provision for current tax is made based on the applicable tax rates and tax laws with respect to the year. Provision for deferred tax on timing difference is made as per Accounting Standard-22 issued by the ICAI.

I. Retirement Benefits:

Employee benefits in the form of Provident Fund and ESIC are considered as defined contribution plan and the contributions are charged to the Statement of Profit & Loss of the year when the contributions to the respective funds are due.

The accruing liability towards gratuity and other retirement benefits are provided on the basis of Accrual basis according to the eligibility of the employees.

J. Impairment:

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Statement of Profit and Loss in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

K. Borrowing Cost:

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use. All other borrowing costs are charged to 1 the Statement of Profit and Loss.

L. Provisions, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

The Company does not have dues to Micro & Small enterprises as envisaged under The Micro, Small and Medium Enterprises Development Act, 2006.


Mar 31, 2011

A) These accounts are prepared on historical cost basis and on accounting principles on going concern. Accounting policies not specially referred to otherwise are consistent and in consonance with generally accepted accounting principles.

b) Revenue Recognition: The company follows mercantile system of accounting and recognises income and expenditure on accrual basis.

c) Fixed assets: Fixed Assets are accounted at cost of acquisition inclusive of inward freight duties and taxes and incidentals relating to acquisitions.

d) Depreciation: Depreciation on Fixed Assets is provided on straight Line Method at the rates specified under Schedule XIV of the Companies Act. 1956 in force.

e) Inventories: Inventories are valued at cost or market value whichever is lower.


Mar 31, 2010

A) These accounts are prepared on historical cost basis and on accounting principles on going concern. Accounting policies not specially referred to otherwise are consistent and in consonance with generally accepted accounting principles.

b) Revenue Recognition: The company follows mercantile system of accounting and recognises income and expenditure on accrual basis.

c) Fixed assets: Fixed Assets are accounted at cost of acquisition inclusive of inward freight duties and taxes and incidentals relating to acquisitions.

d) Depreciation: Depreciation on Fixed Assets is provided on straight Line Method at the rates specified under Schedule XIV of the Companies Act. 1956 in force.

e) Inventories: Inventories are valued at cost or market value whichever is lower.

 
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